Treasury bonds have risen for six straight sessions and yields have fallen to their lowest level this year on expectations that investors are betting the Federal Reserve will shift its policy focus from curbing inflation to fighting slowing growth. The 10-year Treasury yield could fall below 4 per cent if the market shifts slightly towards Fed policy expectations, according to strategists at Morgan Stanley. Traders have revived expectations of two 25 basis point rate cuts this year and expect further cuts to about 3.65 per cent next year. The bank believes the 10-year Treasury yield could fall below 4 per cent if the market expects interest rates to fall to 3.25 per cent. (Jin Ten)